\begin{tabular}{l*{3}{c}}
\toprule
\multicolumn{4}{c}{Panel A: IV-Probit Estimates} \\ 
 & Non-Single & Single & All \\
&(1)&(2)&(3) \\ 
\midrule
                &                  &                  &                  \\
$ \beta^{ER} $  &    2.977{**} &   -4.964{**} &    0.867         \\
                &  (1.331)         &  (1.974)         &  (1.151)         \\
\addlinespace
$ \beta^{COL} $ &    0.353         &    1.663         &    0.662         \\
                &  (1.160)         &  (1.286)         &  (0.881)         \\
\midrule 
\addlinespace
\multicolumn{4}{c}{Panel B: First Stage} \\ 
\multicolumn{4}{l}{Dep. Var.: $ER_{1,2}^i$ }  \\
$ \Delta ER_{1,2}^i $&    0.855{***}&    0.687{***}&    0.797{***}\\
                &  (0.055)         &  (0.082)         &  (0.045)         \\
\addlinespace
$ \Delta COL_{1,2}^i $&    0.019         &    0.007         &    0.012         \\
                &  (0.049)         &  (0.064)         &  (0.039)         \\
\addlinespace
\multicolumn{4}{l}{Dep. Var.: $COL\textsubscript{1,2}^i$}  \\
$ \Delta ER_{1,2}^i $&   -0.101{***}&    0.035         &   -0.058         \\
                &  (0.036)         &  (0.089)         &  (0.037)         \\
\addlinespace
$ \Delta COL_{1,2}^i $&    0.893{***}&    0.985{***}&    0.928{***}\\
                &  (0.064)         &  (0.070)         &  (0.048)         \\
\midrule
Wald test of exog. p-val.&    0.324         &    0.004         &    0.061         \\
Cragg-Donald F-stat.&    172.03     &  42.85    &      207.29       \\
\midrule
\addlinespace
\multicolumn{4}{c}{Panel C: Reduced Form} \\ 
\addlinespace
$Delta ER_{1,2}^i$&    2.494{**} &   -3.493{**} &    0.661         \\
                &  (1.151)         &  (1.602)         &  (0.920)         \\
\addlinespace
$ \Delta COL_{1,2}^i$&    0.501         &    1.777         &    0.722         \\
                &  (1.071)         &  (1.382)         &  (0.847)         \\
\midrule
Observations    &      647         &      331         &      978         \\
\bottomrule
\end{tabular}
